Open Banking and the Future of Nigerian Fintech

Open Banking and the Future of Nigerian Fintech

For years, financial services operated largely within institutional boundaries. Customers had their bank accounts with one institution, investments with another and perhaps a fintech account somewhere else. These platforms often operated independently, making it difficult for customers to have a complete picture of their finances. Open banking is changing that model. Basically, open banking allows customers to authorise the sharing of their financial data between banks, fintechs and other authorised third-party providers through Application Programming Interfaces (APIs). Instead of financial institutions operating as isolated systems, open banking creates an ecosystem where data can move securely between participants with the customer’s consent. For Nigeria’s fintech sector, this could be transformative. READ MORE